Fido, a Ghanaian digital financial services platform, secured $30 million in debt and equity capital.
The equity portion of the capital ($20 million) comes from BlueOrchard-managed InsuResilience Investment Fund Private Equity II (IIF II) and FMO, the Dutch Entrepreneurial Development Bank.
Meanwhile, Stanbic Bank Ghana and Global Infrastructure Partners (GIP) provided debt funding of $10 million.
Fido, founded in 2015 by Nadav Topolski, Tomer Edry, and Nir Zepkowitz, provides immediate credit through a digital smartphone. The app uses unique credit scores created by internally built AI algorithms. The scores are then utilised to offer individuals and businesses with appropriate credit levels that they would not otherwise be able to obtain from banks or traditional MSME lenders.
Fido was founded to provide loans over mobile phones, but it has since expanded its product offerings to include savings, bill payments, and smartphone financing to increase revenue sources.
“Receiving this investment from FMO and the BlueOrchard-managed climate insurance private equity fund is a testament to the strength of our business, the exceptional capability of our team, and the tremendous market opportunity that lies ahead. With the support of FMO and the fund, who bring unparalleled knowledge of the market and our industry, we are well-positioned to accelerate our growth trajectory, deepen our market penetration across Africa, and solidify our position as an industry leader,” CEO of Fido, Alon Eitan.
“Fido is at the forefront of driving financial inclusion through their artificial intelligence and proprietary credit scoring platform. Their fully digital capabilities allow them to serve a part of the market that has historically been neglected and remains highly underpenetrated. The Fido team has extensive experience in technology and scaling start-ups and is strongly aligned with our mission. We are excited to partner with them to help grow their business,” Richard Hardy, Private Equity Investment Director Africa at BlueOrchard.
The funding will allow us to continue our aim of making financial services available to the unbanked by expanding into new markets and improving our product offerings.
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Zeepay, a Ghanaian fintech startup, has raised equity funding to support its expansion
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